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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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OIL TECHS: NYMEX RBOB: (U17) $1.6345 Resistance Key Today
*RES 4: $1.6569 - High Aug 3
*RES 3: $1.6345 - Alternating hourly support/resistance
*RES 2: $1.6205 - Hourly resistance Aug 10
*RES 1: $1.6008 - Hourly resistance Aug 11
*PRICE: $1.5884 @ 0430GMT
*SUP 1: $1.5617 - 100-DMA
*SUP 2: $1.5593 - Low July 26
*SUP 3: $1.5286 - 55-DMA
*SUP 4: $1.4999 - Low July 14
*COMMENTARY: The sharp correction lower from ahead of the $1.6569 resistance
Thursday resulted in a close below the bull channel base ($1.6004) & 21-DMA
($1.5982) with immediate focus back on $1.5593-1.5617 where the 100-DMA is
located. Layers of resistance are accumulating and weighing with bulls needing a
close above $1.6205 to ease bearish pressure and return focus to $1.6569-1.6846.

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